MANHASSET, N.Y. Enclosure maker Pentair has entered into a definitive agreement to acquire the assets of APW Ltd., including the McLean Thermal Management, Aspen Motion Technologies and Electronic Solutions businesses.
Terms of the transaction were not disclosed, though Pentair (Golden Valley, Minn.) said the purchase price amounts to about 85 percent of the businesses' 2005 fiscal year sales of $140 million.
"This acquisition reflects Pentair's Enclosures strategy to expand into markets adjacent to its base electrical and electronic enclosures business,” said Randall J. Hogan, Pentair chairman and chief executive, in a statement. “The growth rates of the global thermal market are particularly attractive, reflecting the ever-increasing use of electronics in the industrial and
APW's thermal management business employs 1,000 people across three facilities: McLean Thermal business (Champlin, Minn.); Aspen Motion Technologies business (Radford, Va.); and Electronic Solutions business (Poway, Calif.). Upon closing of the transaction, these businesses will become part of Pentair's Enclosures Group.
The group is expected to have annual sales of nearly $1 billion in 2006.